CPPIB launches sale of Nova stake

CPPIB has officially launched the sale of its 50% stake in Nova, the mixed-use development in Victoria, SW1, that it owns with Landsec. Eastdil Secured has been instructed to look for buyers. The scheme, which is based on a 5.5-acre site and includes Nova North, Nova South and The Nova Building, comprises residential, commercial and retail space. Although Landsec is not actively looking to sell its 50% stake in Nova, it is understood that both parties would consider any offers put forward for the whole development. The entire joint holding, which has been priced at £900m, reflects a net initial yield of 4.5%. Nova became fully let in December with the final 10,000 sq ft being taken by Nord Anglia Education. Other tenants include SNC-Lavalin and its Atkins and Faithful+Gould businesses, Vitol, Brambles, BHP Billiton, Egon Zehnder and LEK Consulting. Around 200,000 sq ft of mixed-use space, known as Nova East, is still to be built. Landsec declined to comment. CPPIB has been contacted for comment. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette